There are the people who believe that cryptocurrencies like Bitcoin are completely untraceable and anonymous but that is not completely true. Yes, you heard me. Most of the cryptos only conceal your identity and also leave the minor traces of the transaction that has been performed. Well, the data that is kept in the ledger about the wallet balance. Moreover, every now and then it often incorporates the number of tokens that have been sent and received in the transaction history. However, if you’re not ready to compromise on your security and privacy then you can turn up to Privacy Coins to ensure top-notch anonymity. So, let move forward and update you about all you need to know about privacy coins.
What are Privacy Coins?
It is considered as the easiest and secure method for the crypto enthusiast to make blockchain transactions without providing any information of your wallet, personal and financial accounts. privacy Coins are specially created to offer privacy-centric functions which are capable of concealing personal transactions and stealth addresses on blockchains.
1. Bitcoin private
It is a fork-merge of Zclassic and the first blockchain Bitcoin. Bitcoin private developers have created this coin with the aim of providing the security and brand knowledge, Moreover, it comes with the privacy functionality of Zclassic. In case, you are owning Zclassic or Bitcoin then there is a highly possibility that you’ll get 1:1 airdrop of Bitcoin private . Zclassic is a fork of crypto Zcash without involving the founder’s reward which also reflects that Zcash and Bitcoin private has even feature when it comes to providing security.
Zcash is again a forked privacy coin with Bitcoin. The coin is extremely concerned about the security and privacy. Well, Zcash’s major feature to ensure your safety by offering the zk-SNARKs which is known as zero-knowledge Succinct Non-Interactive Argument of Knowledge proofs). zk-SNARKS can encrypt all the transactional information which is kept on the network.
Zcash uses a method which makes sure that the stored data is being exchanged is precise, wherein the transaction data is encrypted and can’t be disclosed at any cost.
Dash is an open source peer-to-peer cryptocurrency and originated way later than the Bitcoin fork in 2014. Dash is not entirely different but slightly unlike as compared to other privacy coins. However, it has similar features like Bitcoin but the main feature of coin is instant and privacy transactions. Developers of Dash coin has enacted a Proof-of-Stake protocol to make sure of the integrity of the system. In other words, it is created to offer additional support to the miners by validating the transactions. Moreover, Dash allows you to transfer your coins to recipients anonymously.
Just like Dash privacy coin, NavCoin also let you make anonymous transactions. Moreover, all the privacy NAV transactions happen on the NavTech subchain. It is decentralized cryptocurrency which also forked from Bitcoin. The motive behind the creation of NavCoin is to resolve the issues that occur in blockchain platforms like data vulnerability and vulnerable to malicious attacks.
In NavCoin when the transaction takes place, the transaction ends up directly to the recipient, you encrypt the transferring and move it to the subchain. So, your coins are gathering in the pool along with the various the encryption layers and server. So, after that, NavTech subchain is going to deliver the coins to the recipient from the pool.
Apart from being a successful crypto, it is much more than a privacy coin. It is considered a safe and protected platform which is designed for users to ensure that no one intrude their privacy when they are making the transaction.
ZenCash t is a protected messaging service, DAO (decentralized autonomous organization) and the crypto is also a consistent platform for communication and publishing. Moreover, it is a fork of popular crypto Zclassic. The cryptocurrency is created to execute a decentralized exchange, peer-to-peer insurance, GaaS (Governance-as-a-Service) and banking services.
Monero is an incredible privacy coin according to the thousands of crypto enthusiasts’ consider that are keeping a tab on cryptocurrency fluctuations or holding coins. Just like other privacy coins, Monero is also forked but it is forked from Bytecoin instead of Bitcoin. This privacy coin is relying on the RingCT (known as Ring Confidential Transactions) to provide you anonymous wallet and transaction facilities.
The team behind the creation of Monero is also working hard to offer new capabilities and functionality such as Tails OS integration to make sure you are always a step ahead of intruders and hackers.
It is invented in back in 2012, there are the people who also think Bytecoin as the earliest privacy coin. Bytecoin works on the CryptoNote protocol which is a mixture of one-time stealth addresses and ring signatures.
Bytecoin is known for its unique and one-time public key which is highly productive for evading address recycling and make the transaction untraceable via history.
There are many other privacy-focused coins are available in the market like PIVX, Hshare/Hcash, Verge, Zcoin, DeepOnion, Enigma, CloakCoin, and many more.
Overall, the above mention list is just a bunch of privacy-focused coins, but the dozens of other privacy coins are available like smaller projects coins. You can get any privacy coin that is focused on complete privacy or the one that makes transaction history untraceable. It is totally up to you whether you’re looking forward for personal privacy or want to get on-board with popular coins.